Alexander Stahel 🌻 (@BurggrabenH)

Gold is giving us a lesson in statistics. Today's −5.7% move is rare; a 4.46-sigma move. In a “normal” world, that’s once every 240,000 trading days. In reality −4.67% to −6.00% occurred 34 times since 1971, i.e. in 13,088 trading days (0.26% = 1 in 385 days). Even bigger drawdowns happened 21 t...

Nobody in Switzerland is losing sleep over this chap’s feelings — trust me. But this outrage? Pure rookie econ — from someone who says he was at Goldman. Let’s unpack why. 1/2 @patrick_saner <span class="quote-card" data-quote-index="0"></span>...

Here is my theory how the major incident - a so called blackout - occurred at 12:30 CET today in the power system of Spain &amp; Portugal: 1/n ...